Notice to Furnishers

All furnishers of information to consumer reporting agencies must comply with all applicableregulations. Information about applicable regulations currently in effect can be found at the ConsumerFinancial Protection Bureau’s website, www.consumerfinance.gov/learnmore.

NOTICE TO FURNISHERS OF INFORMATION:

OBLIGATIONS OF FURNISHERS UNDER THE FCRAThe federal Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681-1681y, imposes responsibilities on all persons whofurnish information to consumer reporting agencies (CRAs). These responsibilities are found in Section 623 of theFCRA, 15 U.S.C. § 1681s-2. State law may impose additional requirements on furnishers. All furnishers ofinformation to CRAs should become familiar with the applicable laws and may want to consult with their counsel toensure that they are in compliance. The text of the FCRA is available at the website of the Consumer FinancialProtection Bureau (CFPB): www.consumerfinance.gov/learnmore. A list of the sections of the FCRA cross-referencedto the U.S. Code is at the end of this document.

Section 623 imposes the following duties upon furnishers:

Accuracy GuidelinesThe FCRA requires furnishers to comply with federal guidelines and regulations dealing with the accuracy ofinformation provided to CRAs by furnishers. Federal regulations and guidelines are available atwww.consumerfinance.gov/learnmore. Section 623(e).

General Prohibition on Reporting Inaccurate InformationThe FCRA prohibits information furnishers from providing information to a CRA that they know or have reasonablecause to believe is inaccurate. However, the furnisher is not subject to this general prohibition if it clearly andconspicuously specifies an address to which consumers may write to notify the furnisher that certain information isinaccurate. Sections 623(a)(1)(A) and (a)(1)(C).

Duty to Correct and Update InformationIf at any time a person who regularly and in the ordinary course of business furnishes information to one or moreCRAs determines that the information provided is not complete or accurate, the furnisher must promptly providecomplete and accurate information to the CRA. In addition, the furnisher must notify all CRAs that received theinformation of any corrections, and must thereafter report only the complete and accurate information. Section623(a)(2).

Duties After Notice of Dispute from ConsumerIf a consumer notifies a furnisher, at an address specified by the furnisher for such notices, that specific informationis inaccurate, and the information is, in fact, inaccurate, the furnisher must thereafter report the correct informationto CRAs. Section 623(a)(1)(B).

If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any informationreported by the furnisher, the furnisher may not subsequently report that information to a CRA without providingnotice of the dispute. Section 623(a)(3).

Furnishers must comply with federal regulations that identify when an information furnisher must investigate adispute made directly to the furnisher by a consumer. Under these regulations, furnishers must complete aninvestigation within 30 days (or 45 days, if the consumer later provides relevant additional information) unless thedispute is frivolous or irrelevant or comes from a “credit repair organization.” Section 623(a)(8). Federal regulationsare available at www.consumerfinance.gov/learnmore. Section 623(a)(8).

Duties After Notice of Dispute from Consumer Reporting AgencyIf a CRA notifies a furnisher that a consumer disputes the completeness or accuracy of information provided by thefurnisher, the furnisher has a duty to follow certain procedures. The furnisher must:

 Conduct an investigation and review all relevant information provided by the CRA, including information given to the CRA by the consumer. Sections 623(b)(1)(A) and (b)(1)(B).

 Report the results to the CRA that referred the dispute, and, if the investigation establishes that theinformation was, in fact, incomplete or inaccurate, report the results to all CRAs to which the furnisherprovided the information that compile and maintain files on a nationwide basis. Sections 623(b)(1)(C) and(b)(1)(D).

 Complete the above steps within 30 days from the date the CRA receives the dispute (or 45 days, if theconsumer later provides relevant additional information to the CRA). Section 623(b)(2).

 Promptly modify or delete the information, or block its reporting. Section 623(b)(1)(E).

Duty to Report Voluntary Closing of Credit AccountsIf a consumer voluntarily closes a credit account, any person who regularly and in the ordinary course of businessfurnished information to one or more CRAs must report this fact when it provides information to CRAs for the timeperiod in which the account was closed. Section 623(a)(4).

Duty to Report Dates of DelinquenciesIf a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, orsubject to any similar action, the furnisher must, within 90 days after reporting the information, provide the CRA withthe month and the year of the commencement of the delinquency that immediately preceded the action, so that theagency will know how long to keep the information in the consumer’s file. Section 623(a)(5).

Any person, such as a debt collector, that has acquired or is responsible for collecting delinquent accounts and thatreports information to CRAs may comply with the requirements of Section 623(a)(5) (until there is a consumerdispute) by reporting the same delinquency date previously reported by the creditor. If the creditor did not reportthis date, they may comply with the FCRA by establishing reasonable procedures to obtain and report delinquencydates, or, if a delinquency date cannot be reasonably obtained, by following reasonable procedures to ensure thatthe date reported precedes the date when the account was placed for collection, charged to profit or loss, orsubjected to any similar action. Section 623(a)(5).

Duties of Financial Institutions When Reporting Negative InformationFinancial institutions that furnish information to “nationwide” consumer reporting agencies, as defined in Section603(p), must notify consumers in writing if they may furnish or have furnished negative information to a CRA.Section 623(a)(7). The CFPB has prescribed model disclosures, 12 CFR Part 1022, App. B.

Duties When Furnishing Medical InformationA furnisher whose primary business is providing medical services, products, or devices (and such furnisher’s agentsor assignees) is a medical information furnisher for the purposes of the FCRA and must notify all CRAs to which itreports of this fact. Section 623(a)(9). This notice will enable CRAs to comply with their duties under Section 604(g)when reporting medical information.

Duties when ID Theft OccursAll furnishers must have in place reasonable procedures to respond to notifications from CRAs that informationfurnished is the result of identity theft, and to prevent refurnishing the information in the future. A furnisher may notfurnish information that a consumer has identified as resulting from identity theft unless the furnisher subsequentlyknows or is informed by the consumer that the information is correct. Section 623(a)(6). If a furnisher learns that ithas furnished inaccurate information due to identity theft, it must notify each CRA of the correct information andmust thereafter report only complete and accurate information. Section 623(a)(2). When any furnisher ofinformation is notified pursuant to the procedures set forth in Section 605B that a debt has resulted from identitytheft, the furnisher may not sell, transfer, or place for collection the debt except in certain limited circumstances.Section 615(f).

The CFPB’s website, www.consumerfinance.gov/learnmore, has more information about the FCRA,including publications for businesses and the full text of the FCRA.